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Note 10 - Line of Credit and Long-Term Debt | 12 Months Ended
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Dec. 31, 2012
Debt Disclosure [Text Block] |
10. | Line of Credit and Long-Term Debt
Long-term debt consists of the following (in thousands):
|  | As of December 31, |
|  | 2012 |  |  | 2011 |
Credit facility |  | $ | 24,012 |  |  | $ | -- |
Notes payable to related party |  |  | -- |  |  |  | 500 |
Mortgage due monthly through June 2016 |  |  | 262 |  |  |  | 336 |
|  |  | 24,274 |  |  |  | 836 |
Less current maturities of long-term debt |  |  | (73 | ) |  |  | (573 | )
Total long-term debt |  | $ | 24,201 |  |  | $ | 263 |
Line of Credit Facility On October 31, 2007, the Company and its subsidiaries entered into a new credit facility (“Credit Facility”) with Comerica Bank with a maturity date of October 31, 2012. In November 2011, the Credit Facility was amended to extend the maturity date to September 30, 2016. Up to $50 million in borrowings are available under the amended Credit Facility with, under certain circumstances, an optional increase of $50 million. The Credit Facility is secured by all assets of the Company, other than proceeds and other rights under our construction contracts, which are pledged to our bond surety. The Credit Facility requires the payment of a quarterly commitment fee of 0.25% per annum of the unused portion of the Credit Facility. At December 31, 2012 and 2011, the Company had $24.0 million and no aggregate borrowings outstanding under the Credit Facility, respectively, and the aggregate amount of letters of credit outstanding under the Credit Facility was $1.8 million for both years and reduces availability under the Credit Facility. Availability under the Credit Facility was, therefore, $24.2 million and $48.2 million at December 31, 2012 and 2011, respectively, without violating any of the covenants discussed in the next paragraph. The Credit Facility is subject to our compliance with certain covenants, including financial covenants relating to fixed charges, leverage, tangible net worth and asset coverage. The Credit Facility contains restrictions on the Company’s ability to:
· | Make distributions and dividends;
· | Incur liens and encumbrances;
· | Incur further indebtedness;
· | Guarantee obligations;
· | Dispose of a material portion of assets or merge with a third party;
· | Make acquisitions;
· | Make investments in securities.
The Company was in compliance with all covenants under the Credit Facility as of December 31, 2012. The unpaid principal balance of each loan will bear interest at a variable rate equal to either Comerica’s prime rate or a rate equal to LIBOR plus 1.75%. The interest rate on funds borrowed under this revolver during the year ended December 31, 2012 was 3.25% at all times that the Company had debt outstanding under this facility. In January 2013, the Company sold approximately $27.7 million of its short-term investments in order to repay the $24.0 million of borrowings outstanding under the Credit Facility at December 31, 2012. Mortgage In 2001, TSC completed the construction of a headquarters building and financed it principally through a mortgage of $1.1 million on the land and facilities, at a floating interest rate, which at December 31, 2012 was 3.5% per annum, repayable over 15 years. The outstanding balance on this mortgage was $262,000 at December 31, 2012. Related Party Notes Payable As of December 31, 2011, Myers had $500,000 of outstanding notes payable to Clinton Charles Myers, a noncontrolling interest owner. These notes were paid in full during 2012. Maturities of Debt The Company’s long-term obligations mature in future years as follows (in thousands):
Years Ending December 31, |  |  |
2013 |  | $ | 73 |
2014 |  |  | 73 |
2015 |  |  | 73 |
2016 |  |  | 24,055 |
Thereafter |  |  | -- |
|  | $ | 24,274 |

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